Imported scrap offers to Vietnam was largely firm as towards end of last week scrap buyers were holding back fresh bookings for April’s shipment. Limited deals have been reported. Buyers turned cautious on high offers and are waiting for prices to stabilise. Many market insiders believe that prices would reach $465-470/t CFR levels soon.
- SteelMint’s assessment for Japanese H2 bulk stands at $455-460/t CFR Vietnam basis, witnessing stability as compared to closing of the last week. Whereas offers have increased significantly by $25-30 w-o-w
- Japanese H2 bulk offers stand at $455-466/t CFR Vietnam basis
- Bulk USA origin HMS 1&2 (80:20) to Vietnam price indication stands at $445/t CFR level, up by $5/t w-o-w
- Around 12,000 t of Japanese H2 have been booked recently by a Vietnam based IF steel mill, sources have confirmed to SteelMint. The cargo is booked at $458-460/t CFR basis
- Another deal for around 20,000 t of USA origin HMS 1&2 (80:20) was booked at $440/t, CFR towards the mid of last week
Domestic scrap prices in Vietnam rise: Vietnam domestic scrap prices have increased by VND 200/kg ($8.6) w-o-w. H2 grade scrap now stands at VND 8,800/kg ($379), whereas H1 is now available at VND 9,100/kg ($392).
Indonesian buyers raise bid price: Indonesian scrap buyers increased their bid price. However, not many trades were recorded due to the rise in offers, high freight rate and difficulty in getting space from shipping line, SteelMint learnt from trade source. Offers to Indonesia were mostly stable on a weekly basis.
Recent offers-
- PNS: $440-445/t CFR Jakarta
- Busheling: $450-460/t CFR Jakarta
- Shredded: $430-435/t CFR Jakarta
Imported scrap offers surge in Thailand: Thailand’s imported scrap prices surged by $35-40 last week as compared to the preceding week. Buyers were mostly quiet on high offers as no deals were reported. Fresh offers for Central America HMS 1&2 (80:20) were at $390-400/t CFR Thailand basis.
Thailand’s ferrous scrap imports slightly fell by 7% m-o-m to 0.13 mn t in Jan’21, as per customs data maintained with SteelMint. USA remained the largest scrap exporter to Thailand, followed by Japan and Australia. A hike in imported scrap offers resulted in a decline in imports. SteelMint’s price assessment for Central America origin HMS (80:20) increased from $290/t CFR in Nov’20 to $360/t in Dec’20.
Taiwan: High demand from mills lead to an increase in the bid price from buyers. HMS 1&2 (80:20) is being traded at $405-415/t CFR level.
Outlook: Market sources expect offers to rise further this week and buyers might have to push their bids to conclude deals.
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